TRANSPORTATION TRENDS: 4-10-23

The most recent changes to the NMFC system looked to consolidate, amend, or cancel generic NMFC codes. The truckload spot market showed a spike at end of quarter routing but showing a cool-down to start April.

Truckload:

Last month, Dry Van load-to-truck ratios dropped 20% comparing March to February and 55.2% comparing March 2023 to 2022 in the spot market. Across all equipment, Load-to-Truck ratios dropped last week (April 3) compared to the last week of March. This is due to typical end of quarter shipping trends.

Contracted rates continue higher at national averages than the spot market – as seen in the chart of the week. The spot market has been cooling off and rates have been coming down since the spike the same time last year.

Less-Than-Truckload:

The National Motor Freight Traffic Association (NMFTA) announced yearly updates to the National Motor Freight Classification (NMFC) system in February with the updates effective on April 8.

The Freight Classification Development Council (FCDC)’s recent changes look to consolidate, cancel, or amend several generic groupings. The purpose is to make the classification system simpler and easier for shippers to use in classifying their products. An example is Furniture and Furniture Parts have been combined into one NMFC, along with expanded and non-expanded Plastic articles.

For a full report on the changes, please visit the official NMFTA public docket files website. 

TLI is actively monitoring situations in the industry, such as acquisitions, embargos, and other industry disruptions. If a TLI client is directly affected by any of these events, your TLI representatives will reach out to discuss what this means for your account.

TLI highly suggests that on all shipments you provide our team with the “Must Arrive by Date” (MABD) as to when you need the product delivered. This will help us select the proper transit time / equipment type at the best current freight rate.

Please contact your Translogistics team at 610-280-3210 for any further questions. 

*article written by Mitchell Kinek CTB, Sales/Marketing Executive, Translogistics. Any questions, please do not hesitate to reach out!